DongA Bank to open gold trading floor in HCM City

Joint-stock DongA Bank plans to open a gold trading exchange in HCM City next month, offering gold traders and customers a wider choice than now exists.

Only one such exchange is in operation, run by the Asia Commercial Bank (ACB).

DongA bank’s deputy general director, Nguyen Thi Kim Xuyen, said she expected the gold bars for trading would be offered under the trademarks of Phuong Hoang ( Phoenix ) PNJ-DAB, SJC of Saigon Jewelry Co and others.

Phuong Hoang PNJ-DAB is a new name to the market, as it was launched yerterday as a product of cooperation between Phu Nhuan Jewelry Company (PNJ) and DongA Bank.

PNJ chairwoman Cao Thi Ngoc Dung said the company invested around 2 million USD in the production line, which is capable of manufacturing 12 tonnes of gold bars of one tael, and one-, two-and five-tenths of a tael annually.

Customers can buy the Phuong Hoang PNJ-DAB gold bars at PNJ’s 90 retail shops and at more than 100 branches and transaction offices of DAB as well as other gold trading shops nationwide.

Negotiations are under way with ACB for the gold bars to be traded at ACB’s gold trading exchange.

Two other banks, ACB and Sacombank, have plans to launch their new gold bars as well.

VNA

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